Residential Mortgages For Older Borrowers
Explore mortgage options designed specifically for those aged 50 and over.
Whether you’re planning to move home, remortgage, or simply want more flexibility with your mortgage repayments, there are solutions that can be tailored to your needs.
Many lenders now offer residential mortgages suited to older borrowers including; interest-only, retirement interest-only (RIO), and flexible term products. These can help you manage your finances confidently as you approach or enjoy retirement.
Tailored mortgage options for borrowers aged 50 and above
Flexible mortgage terms that suit your retirement plans and lifestyle
Interest-only and Retirement Interest-Only (RIO) mortgages to reduce monthly payments
Guidance on preparing and submitting mortgage applications for older borrowers
FAQs: Simplifying mortgages for older borrowers
Mortgages for later life don’t have to be confusing. We’ve answered some of the questions we hear most often to help you understand your choices and support you in making the right decision with confidence.
Can I get a mortgage if I’m over 70?
Yes. Many lenders offer mortgages to borrowers beyond 70, often with tailored terms or interest-only options to help keep repayments manageable.
What is a Retirement Interest-Only (RIO) mortgage?
Retirement Interest-Only (RIO) mortgages allow you to pay only the interest until the property is sold, typically at the point you move into care or pass away. This can help to reduce monthly costs during retirement.
How do lenders assess affordability for older borrowers?
A lender will look at your retirement income sources, such as pensions and savings, rather than your employment income alone. This is to ensure you can comfortably afford the repayments.
Can I change my mortgage term as I get older?
There are flexible mortgage products available that let you adjust terms or repayment types as your circumstances change.
Are interest-only mortgages safe for older borrowers?
Interest-only mortgages can be suitable if you have a clear plan in place for repayment, such as downsizing or savings. It’s important to fully understand your options.
Will my age affect how much I can borrow?
Some lenders have age limits or offer shorter loan terms to older borrowers, but many provide products designed to meet various needs and situations.
How should I prepare for applying for a mortgage later in life?
Gather details about your pension, savings, income, and existing debts. By working with an experienced adviser, it can help you navigate the process smoothly.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
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As an older borrower, you can find mortgage solutions that truly fit your lifestyle and financial goals. Whether you're securing your first mortgage after 50 or switching to a more flexible deal, you'll have expert support every step of the way.
